Banque Du Caire S.A.E. along with 11 banks signed on Monday financing contracts worth EGP3 billion (around $431 million) to support petroleum sector in Egypt.
The contracts have been signed with the Egyptian General Petroleum Corporation (EGPC) in favour of the state-owned Misr Petroleum and Petroleum Cooperative Society Co. (CO-OP).
The Lead Arranger Banque Du Caire said in a statement on Monday it is arranging the biggest funding deal for MP and CO-OP. The loan deal aims to secure sufficient liquidity for the purchase of crude and petroleum derivatives to be remarketed and distributed to petrol stations later.
From his part, Mounir El Zahed – CEO of Banque Du Caire – stated that funding vital sectors in Egypt is the bank’s main concern in order to achieve sustainable development.
In the same vein, Akram Yehya – Head of Syndicated Loans at Banque Du Caire – has revealed that the banking consortium comprises of 11 banks namely; Société Arabe Internationale de Banque (SAIB), Export Development Bank of Egypt (EDBE), Suez Canal Bank, Ahli United Bank, Emirates NBD, Industrial Development & Workers Bank of Egypt (IDWBE), Arab Investment Bank (AIB), Egyptian Arab Land Bank (EALB), Union National Bank – Egypt (UNB), United Bank, and Al Baraka Bank of Egypt.
Meanwhile, Ayman Mokhtar, head of corporate banking at Banque Du Caire, noted that his bank acts as the Mandated Lead Arranger, Bookrunner, Facility Agent and Account Bank for the EGP3bn loan. The loan is a 48-month grace period before payments are due for the EGP financing segment and 26-month for the USD financing segment, he added.
This is the second loan arranged by Banque Du Caire in favour of Misr Petroleum and CO-OP since the outbreak of January 25th Revolution. The bank had arranged in late 2011 a syndicated loan worth EGP 925 million, divided as EGP 450 million for Misr Petroleum and EGP 475 million for CO-OP.